Why cant british banks tell the irs to take a hike with their newest regulations like we did to them a few centuries ago?
“Why cant british banks tell the irs to take a hike with their newest regulations like we did to them a few centuries ago?”
I’m just guessing here, but I’d say the banks most likely have (chartered) US branches or other US interests. Those interests could be closed down. In addition there are probably national treaties between the US and Britain which force Britain to make its banks comply with US law. The world is a complex place.
Because of NAFTA and GATT the US is subject to foreign courts. If we lose a decision (which, come on, is guaranteed) then our trading partners get to punish us until we comply. When Bush slapped a tariff on steel to get Pennsylvania votes we lost the decision and our trading partners walloped the heck out of businesses in districts where it would hurt Bush the most. (Very sophisticated, I might add.)